Business

Photo: 123RF The average asking price for Auckland property has dropped below $1 million for the first time in close to four years. New Trade Me Property data shows in August 2024 the average asking price was $986,750, down 1.3 percent from July - the first time since September 2020 it has been less than $1 million. Trade Me Property customer director Gavin Lloyd said August marked the fifth consecutive month of falling prices for Tāmaki Makaurau. "It's going to be interesting to see what happens to prices over the next month as we come into spring," he said. "September results should be able to give us an indication as to whether we've just endured a difficult winter, or if drops are as a result of a more structural weakness in the housing market." Nationally, the average asking price f...

A "large jump" in personal receivership appointments has been seen this year. File photo. Photo: 123RF Business owners who put up their own assets as security for lending are being put into personal receivership in increasing numbers. Keaton Pronk, an insolvency practitioner with McDonald Vague, said there had been a "large jump" in personal receivership appointments, which started in June last year and has sped up considerably this year. There were 30 last year, two-thirds of which were after June. In August there had already been 31. He said most had been driven by a small number of business lenders promoting themselves on "quick and easy access to funds often at higher interest rates, with even higher penalty rates, than those available through traditional lending means". As with a c...

Photo: 123RF A woman who lost $200,000 in an investment in a growth fund has been given $80,000 compensation because her financial adviser did not have the records to prove it was what she had asked for. The woman's case was heard by Financial Services Complaints Ltd, a disputes resolution scheme that deals with complaints that cannot be resolved between financial services providers and their customers directly. It said she had $900,000 to invest and went to a financial adviser her brother used. She had never owned shares before but her brother had done well. In June 2021, she asked her adviser to invest $500,000 in growth funds. She invested 70 percent of the rest of the money in a growth fund and 30 percent in a more conservative fund. In September 2021, she asked her advisers to put t...

The Alcohol Regulation and Licensing Authority has ordered a 48-hour suspension of 32 New World supermarkets' licences to sell alcohol in the South Island. File picture. Photo: 123rf.com More than 30 of New World supermarkets throughout the South Island will have their off-licenses suspended for 48 hours for breaching online alcohol advertising rules. The Alcohol Regulation and Licensing Authority (ARLA) released its reserved decision on Friday, ordering a 48-hour suspension of 32 supermarkets' licences to sell alcohol in the South Island. Police inspector Ian Paulin sought the suspension of liquor licences for a total 35 New World stores for an alleged violation of The Sale and Supply of Alcohol Act earlier this year. The breaches relate to the online promotion of DB Export Gold and Ul...

Photo: RNZ/Nick Monro Auckland Airport will partner with Hawkins on construction of new domestic jet terminal, expected to create up to 2,500 jobs at the peak of the overall $2.2 billion terminal redevelopment. The airport intends to raise $1.4 billion through a share issue to cover some of the projected costs and will also increase charges for airlines, which has been criticisedthe airline companies. Auckland Airport said the terminal integration programme would be an economic engine for New Zealand creating 2500 jobs at peak and supporting many thousands more employment and business opportunities in South Auckland. The overall development, with baggage handling and airfield developments, will cost $2.2b. Downer Group subsidiary Hawkins would manage the construction and delivery of the ...

IRD is regularly providing what it says are fully anonymised details of thousands of people to several platforms for targeted marketing. Photo: 123rf A Queenstown employment consultant has lodged an official complaint about Inland Revenue (IRD) giving his details to social media companies. IRD is regularly providing what it says are fully anonymised details of thousands of people to several platforms for targeted marketing. David Buckingham has told the Privacy Commissioner he discovered this in May. He said it breached his privacy because the anonymisation was not effective, while at the same time the marketing was narrowly targeted and segmented. The "hashing" process IRD relies on is not accepted overseas as adequate to anonymise personal data. Buckingham said in his complaint this h...

Jetstar will operate trans-Tasman flights from Hamilton and Dunedin from June 2025. Photo: 123RF Trans-Tasman flights will return to Hamilton Airport for the first time in 13 years. Jetstar flights will operate out of the airport to Sydney and the Gold Coast from June 2025. The Australian airline will also run a new direct service between Dunedin Airport and the Gold Coast from the same time. Waikato Regional Airport chief executive Mark Morgan said the news came after more than a year of negotiations with the airline and border agencies. "Analysis indicates the flights will boost the regional economy by about $45 million per year." Morgan said. Hamilton Airport Photo: Google Maps Hamilton mayor Paula Southgate said it was a "huge win" for the city and region. "Air travel plays a ...

Photo: Getty Images The shareholders of specialty milk producer Synlait have a stark choice to make this week to either approve a capital injection or risk putting the company in the hands of a receiver. Shareholders were being asked to approve a $218 million cash injection by its two largest shareholders, along with financial restructuring to fix its most immediate financial problems. However, the deal excludes all other shareholders and would result in their stakes being diluted, as the largest shareholder China's Bright Dairy will increase its stake to 65 percent, and A2 Milk will preserve its near 20 percent stake. Synlait chair George Adams said the alternatives were far less appealing. "We're pretty much at the end of the road," Adams said. He said time was ticking for the business...

Workplace Relations Minister Brooke Van Velden says new requirements will give clarity to workers and businesses. Photo: RNZ / REECE BAKER A major union and a big business group are at odds over whether planned changes to employment law will simplify or complicate matters. The government is introducing new tests to define whether workers are employees or contractors. It comes after a Court of Appeal case ruled four Uber drivers were employees and should receive benefits like holiday pay. Workplace Relations Minister Brooke Van Velden says new requirements will give clarity to workers and businesses. She declined to be interviewed by Morning Report on the matter, but on Sunday said if four criteria were met, then a worker would be classified as a contractor - and without the benefits b...

The coalition government is planning to drop what it calls a "huge layering of personal liabilities for directors" to encourage more listings on the stock exchange. Speaking to RNZ's series RICH: The meaning of wealth in Aotearoa, Commerce Minister Andrew Bayly said the key to creating more wealth was to make it easier for companies to attract investment, grow and become exporters. He revealed plans to scrap requirements for companies to tell prospective investors about future earnings forecasts. He also hinted other obligations on company directors may go - including possibly removing the personal liability for climate-related disclosures. The changes would make it easier for companies to list on the New Zealand Stock Exchange (NZX), which in turn would help companies and the economy grow...